Navy Federal Credit Union (NFCU) has released their plans for assisting customers in the event that a government shutdown delays military pay. The NFCU website has a page devoted to ways in which NFCU may be able to assist in the event of a pay delay, including overdraft protection, signature loans, and credit card applications.
UPDATE: The link above now verifies that NFCU will be covering active duty pay due on 15 April 2011. Whooohoooo!
More interesting to me, however, is a press release that I can only find at PRNewswire. According to this news release, NFCU will deposit the full amount of active duty pay on April 15th, as if there was no delay in pay. I have heard rumor of this sort of thing happening in the past, but I am still really impressed.
The complete body of the press release says this:
VIENNA, Va., April 7, 2011 /PRNewswire-USNewswire/ -- Navy Federal Credit Union, the world's largest credit union, announced its plans today for supporting its members in the event of a possible government shutdown as of midnight April 8.I hate to sound like an advertisement for any particular financial institution, but situations like this are exactly the reason that my husband and I choose to do nearly all our banking with NFCU and USAA. Thank you, NFCU, for looking out for your service members.
"We're hopeful that Congress and the White House will come to an agreement to avoid a shutdown," said Cutler Dawson, Navy Federal President and CEO. "At the same time, we want to support our members—especially our active duty military members—through this potentially challenging time. We want to ensure, to the extent possible, that our military families do not suffer financially in the wake of a political impasse." Dawson went on to list steps Navy Federal is taking.
One major initiative is to cover the April 15 payroll for those active duty members who have their direct deposit of pay at Navy Federal. "By covering the mid-month pay, come April 15 our active duty members will not see a difference in their direct deposit amount, as if there were no shutdown," added Dawson.
Other steps Navy Federal is taking include expedited approvals for lines of credit, overdraft programs and credit card limits. Credit union officials reported that many members were already taking advantage of its recently announced 0%, no fee balance transfer credit card offer.
In anticipation of member concerns about loans payments, Navy Federal is inviting members to call or visit a branch for personal assistance.
"For over 75 years, Navy Federal has been there to serve its members' financial needs. If a government shutdown does occur, we want them to know that their credit union has programs in place to help them in this time of uncertainty," concluded Dawson.